According to the April report of the World Gold Council, Uzbekistan has once again become the world leader in gold sales.
In April 2025, total gold purchases by central banks worldwide amounted to 12 tons, which is 12% less than in March and significantly below the average for the last 12 months (28 tons). This is the second consecutive month of decline in purchases.
WGC experts believe that the decline in demand may be linked to record gold prices recorded at the beginning of the year. Although central banks usually adhere to a long-term strategy, the rise in the price of gold may have temporarily reduced interest in active purchases.
The largest purchase in April was made by the National Bank of Poland, which increased its reserves by 12 tons to 509 tons. This exceeded the European Central Bank’s reserves of 507 tons. In total, Poland has purchased 61 tons of gold since the beginning of the year.
Other notable buyers included the central banks of the Czech Republic (+3 tons), China (+2 tons), Turkey (+2 tons), Kyrgyzstan (+2 tons), Kazakhstan (+1 ton), and Jordan (+1 ton).
Amid general caution in the gold market, the Central Bank of Uzbekistan continued to sell off its reserves, selling another 11 tons in April. Thus, for the third month in a row, the republic has maintained its position as the largest seller of the precious metal. Since the beginning of the year, gold reserves have decreased by 26 tons to 356 tons.
Uzbekistan retains its status as the largest gold exporter in 2025.
As of May 1, the country’s total gold and foreign exchange reserves reached $49.25 billion, equivalent to 15 months of imports. At the same time, foreign exchange reserves exceed $11 billion.
